Most likely you have a customer acquisition strategy. It helps you bring new customers in. The best-in-class businesses also have a powerful customer retention strategy.
What is a Customer Retention Strategy?
In simple words, it brings your customers back to your business over and over again. So, the lifetime value of each customer can increase.
Why is this important?
The cost of customer acquisition can be expensive. Even if you can acquire your customers for cheap dollar wise, it can prove to be expensive time-wise. Having a customer retention strategy in place gets these customers to walk in without spending much of money, time or energy in marketing.
To state the obvious, working both strategies in tandem can increase your revenue trajectory exponentially.
So, how to build a Retention Strategy?
Figure out a way to keep in touch with everyone who interacts with your business either online or offline. One of the best ways to do this is by capturing their email address.
If you find your customers are apprehensive giving out their email address, offer them a incentive.
Once you have their email address, send them regular newsletter or product promotions. This will keep your business on top of their mind.
Another way to do is ask them to connect with you on social channels. This can be a bit challenging than ask them for their email address. If your customers are conducting their transactions online, then ask them to connect with you online at the end of the transaction – on the “Thank you” page. It’s called the, “strike while the iron is hot” technique. They just bought something from you. They love you. They will like your Facebook page without any hesitation.
If the customer is conducting the transaction in-person, offer them an incentive to like your Facebook page. Maybe, if they showed the cashier that they liked your page, they can get a 5% off their order. Or, maybe they can get a special gift bag that cashier keeps in the back.